Key facts
- The OCC granted conditional preliminary approval for a national trust charter to World Liberty Trust Company.
- The charter allows World Liberty to issue its USD1 stablecoin and custody the assets backing it.
- The company is linked to President Donald Trump and his family's crypto venture, World Liberty Financial.
- The Witkoff family, longtime allies of Trump, has leadership roles in World Liberty Trust.
- The approval is subject to conditions, including maintaining $20 million in capital.
The Office of the Comptroller of the Currency (OCC) has granted conditional preliminary approval for a national trust charter to World Liberty Trust Company, a new entity linked to President Donald Trump and his family's crypto venture, World Liberty Financial. This approval effectively greenlights the expansion of the company's stablecoin operations, allowing it to directly issue its USD1 stablecoin and custody the U.S. dollar assets backing it, functions previously handled by a partner. The charter, when finalized, will enable the trust bank to manage and hold assets for customers and settle payments more rapidly, while also facilitating its pursuit of institutional clients. World Liberty Financial's leadership includes members of the Witkoff family, longtime allies of Trump, with Zach Witkoff serving as proposed president of the trust and CEO of the parent company. The OCC, part of the Treasury Department, stated that Comptroller Jonathan Gould and staff acted consistently with their duties and ethical obligations, and that the bank would be supervised by nonpolitical examiners. However, Democrats have raised concerns about potential conflicts of interest. The USD1 stablecoin, announced in March 2025, has grown to become the fourth largest stablecoin by market capitalization, around $4 billion, and the Trump family has reportedly earned approximately $50 million from it by the end of June 2026. Overall, World Liberty Financial has funneled over $1.6 billion to the Trump family as of April. The company had previously delayed a token sale for a Maldives resort due to regional travel disruptions caused by the Iran war.